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LTC Terms

It’s not just the middle class who is struggling with long term care costs, according to a recent survey.
Family Finances
The 2014 US Trust Insights on Wealth and Worth takes a look at the dynamics of wealthy families and how their wealth impacts their financial planning.

In the next month, some big changes are happening within the Long Term Care Insurance market. If you happen to be shopping for policies at the moment, it’s important that you are aware of the upcoming changes and how they will affect your buying ability.

Good news for Long Term Care Insurance policyholders in Virginia: the chances of having your policy lapse without your knowledge just got a whole lot lower. After months of back and forth between state regulators, policy makers, and consumers, a new rule has been created to help protect consumers from accidental lapses in their policies.

Connecticut Governor Dannel Malloy signed two bills into law last week that pertain to Long Term Care Insurance and potential rate increases. The bills seek to help educate consumers about the possibility of rate increases and protect policyholders from exorbitant rate hikes that could cause some to cancel their policies.

Using a financial advisor to help you plan for retirement can be a great choice: it can help you get a better grasp on your finances, understand specific goals and targets for savings, and provide you with information that you otherwise might not know.

New data says that long term care residents who qualify for Medicaid but not Medicare accrue the most expenses for their state’s program.
Medicaid Beneficiaries
The US Government Accountability Office released a report detailing the expenditures of Medicaid beneficiaries based in their form of payment.

As the presence of long term care continues to increase across the country, more people are looking into the details of long term care and the direction the industry is moving. Though nursing homes were once the dominating care setting, recent data revealed that is no longer the case. The majority of long term care claims paid to policyholders are for home care, according to this new data.

After months of focusing on cutting costs, Genworth Financial (GNW) reported their 4th quarter earnings today. The company saw an increase in profits and overall positive results during the quarter.
4th Quarter Profits
Genworth’s 4th quarter profits rose 24%, with a reported net income of $208 million, compared to a net income of $168 million in the 4th quarter of 2012.

A new bill proposed in Maryland would create a more extensive taxpayer credit for long term care insurance policyholders.
Long Term Care Insurance Tax Credit
Senator Katherine Klausmeier (D-Baltimore) introduced SB 478 in the legislature this week. The bill would half the value of the state’s current tax credit for the first year the policyholder pays premiums.

Since its initial implementation, confusion has surrounded the Affordable Care Act. People are unsure about what it covers, how it affects their benefits, premiums, and hospital networks. A new study, however, shows that more people than ever believe the Affordable Care Act covers long term care costs.